The United Nations Development Programme (UNDP) and the timbuktoo Africa Innovation Foundation have launched the Fintech timbuktoo Hub in Lagos, Nigeria, located at the UNDP Innovation Center.
The Fintech Hub will serve as a nexus for fintech entrepreneurs, investors, and industry experts and will provide a collaborative workspace for startups and established fintech companies, offering mentorship programs and expert guidance to emerging innovators.
Speaking during the launch, H.E. Babajide Sanwo-Olu, Governor of Lagos State, “The launch of the timbuktoo Fintech Hub today embodies our shared commitment to fostering and driving solutions to Africa’s challenges. The hub will catalyze efforts to propel the Continent towards a more globalized way of doing business.”
timbuktoo is a brainchild of UNDP in partnership with African governments, and the private sector, aims to support Africa’s innovation ecosystem though public-private collaboration. By nurturing local talents and fostering cross-border collaborations, the timbuktoo Fintech Hub will play a pivotal role in shaping the future of financial technology in Africa. This portrays UNDP’s commitment to harnessing technology for sustainable development.
“Africa is the place where ideas comes from to unite the world. Our innovators are finding solutions to the most pressing global problems. timbuktoo is about changing the way development works and investing in young talents. I invite you all to join and begin to see Africa from the lens of opportunity,” mentioned Ms Ahunna Eziakonwa, UN Assistant Secretary-General and UNDP Regional Director for Africa, during the launch event.
The launch of the hub was followed by the onboarding of the first Pan-African Cohort of Fintech Startups and a Fintech for Development Marketplace. The marketplace showcased innovative financial technologies with the potential to drive economic growth and transformation. This also featured networking sessions, policy dialogues, and fireside chats with key ecosystem stakeholders, creating a platform for collaboration and knowledge exchange in the African fintech sector.
The timbuktoo initiative was launched in January 2024 at the World Economic Forum in Davos and is run by the timbuktoo Africa Innovation Foundation which is registered and headquartered in Kigali, Rwanda. Incorporated in March, the timbuktoo Africa Innovation Foundation is already building university innovation pods (UniPods) in 13 African cities as centres for Reseach and Development offering young innovators space to transform their ideas into minimum viable products and profitable ventures like the one at the University of Rwanda.
timbuktoo is also establishing thematic hubs across Africa to offer venture building support in areas like FinTech, EdTech, MineTech, AgriTech, Creatives, SmartCities, TradeTech, and GreenTech. This year, timmbukoo aims to launch various hubs starting with FinTech in Lagos, HealthTech in Kigali and AgriTech in Accra. timbuktoo will also offer early-stage risk capital to the ventures of Africa’s youth. This will be done through the Kigali – based Fund domiciled in the Kigali International Financial Centre, the third best international financial centre in Africa.